- Elon Musk has single-handedly triggered the surge in Dogecoin price with a new post.
- The crypto ecosystem may benefit from Elon Musk’s involvement in US Politics.
In the crypto space, a statement from a reputable figure can fuel activity in a given blockchain network, leading to a positive performance for associated digital assets. This was the case with Dogecoin (DOGE) following a post from Elon Musk, Tesla’s CEO and a major “promoter” of the memecoin.
Elon Musk’s Dogecoin Pledge
The price of DOGE increased 6% over 24 hours following Musk’s post on social media X. The post shows a picture of Musk serving as an executive in the “Department of Government Efficiency.” This phrase connotes DOGE’s acronym, which is highlighted in the post as D.O.G.E.
Accompanying the post, Musk wrote, “I am willing to serve.” According to interpretations on X, the billionaire’s message depicts a renewed commitment to Dogecoin.
I am willing to serve pic.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
This sentiment has sparked excitement among fans, who have always seen him as a major supporter of the memecoin.
Although the price surge aligns with the current state of the market, Musk’s involvement has historically influenced Dogecoin’s performance. For instance, in 2024, DOGE’s price jumped significantly amid expectations that Musk could integrate Dogecoin payments into Tesla.
This further lends credibility to DOGE’s 24-hour price uptick of 6%. Per our data, DOGE is trading at $0.1051, with a market capitalization of over $15 billion. The trading volume experienced a 44% increase to $637 million, suggesting investors’ willingness to buy the memecoin.
Surprisingly, Musk’s recent endorsement comes after a relatively long silence on engaging with Dogecoin. As noted in our earlier post, Binance opined that Musk’s silence could be due to his commitment to varied responsibilities.
Nonetheless, his recent engagement spurred optimism for DOGE and the broader crypto community. The price of Bitcoin (BTC), the world’s leading cryptocurrency, increased by 4% in the past 24 hours, reaching $60,700.
While his publication is a positive sign for investors expecting more activity in the network, it remains unclear if this trend will continue. Investor sentiment remains bearish, with the Fear and Greed Index showing Fear.
Elon Musk’s Potential Role in US Politics
Besides his involvement with crypto, Elon Musk is also actively involved in politics, particularly in the United States. Earlier in the month, a virtual meeting was scheduled between Elon Musk and Republican Presidential candidate Donald Trump. As discussed earlier, this meeting fuelled speculation regarding a major crypto and DeFi announcement due to Trump’s increasing crypto engagement.
In a recent development, Trump has expressed interest in offering the Dogecoin fan a role in his cabinet or in his advisory team if he is re-elected President. Trump emphasized Musk’s potential value in government while questioning the $7,500 tax credit for electric vehicle customers. His critics implied that he would cancel the tax.
As highlighted in our article, Musk is yet to respond to Trump’s comment officially. However, a combination of the duo could impact the country and global finance, an important consideration for the crypto industry.
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